Comment

Comment by Justin Davis Lynn on April 28, 2012 at 5:50pm

Just got approval from on Friday...GMAC was wonderful and quick. Everything was fully uploaded last Friday, the 13th, turned over to underwriting and approval was give around lunchtime the 27th.

**secret---full in all MHA Forms, collect financials, and upload everything to equator at same time with your listing agreement and full contract, also per-order HUD-1 prelim from escrow and title report to upload at same time as well. The key is get all doc's before you initiate the request....contact me for additional info or guidance.

Comment by Jodi Ashby on April 27, 2012 at 5:13pm

Has anyone ever processed a GMAC shortsale through Equator?  I was told that's where to do it but GMAC is not one of the servicer options.  Help?

 

Comment by Deb McCutcheon on February 24, 2012 at 5:18pm

Does anyone have a phone number for an upper management level person at GMAC?  We have a very good offer (above list price) and the Buyers are not asking for any closing costs.  GMAC is only offering $6,000 to the 2nd and the 2nd will not take it.  They want $10,000.  Sellers have no money to contribute.  I hate to lose this deal over $4,000, but I need someone with some "weight" to step in and help me.  Thanks to any and all help!  Deb   

Comment by Cindy Keil on December 6, 2011 at 1:58pm

Need VP or manager contact information for loss mitigation to escalate file

Comment by Mike Linkenauger on October 18, 2011 at 2:00pm

For the most part we like GMAC Mortgage Short Sales.  When they are the 1st position loan they go very fast to process and approve.  When they are 2nd position, they can be a bit difficult sometimes.

Comment by Pamela Lester on June 4, 2011 at 3:02pm

I have completed many, many short sales.  I just submitted a GMAC short sale package directly to GMAC.  I was shortly thereafter contact by a 3rd-party negotiator from REDC.  There is only a 1st Mortgage and it is not a FNMA/Freddie Mac loan.  After contact with the negotiator from REDC, Equator showed my commission was cut to 5% and the 3rd party negotiator was to receive

$2500.  I have not had a bank reduce my commission to 5% on a short sale in two years.  I guess they don't understand that Realtors have a long memory and when this market turns around, GMAC's name will be probably not be on our minds when giving out potential lender names!  Has anyone dealt with REDC?  I too was able to get Wells Fargo to raise my commission two years ago back to 6% when they tried to cut it to 5%, but have not submitted a short sale to GMAC.  Most of my short sales are BOA and Wells Fargo which are great to work with.

Comment by leila on April 5, 2011 at 9:45pm

Another great successful close on a short sale with GMAC!  APPROVED in less than 30 days! NO Joke!  I submitted a clean package, and got assigned a negotiator, and an approval was faxed over to me.  :) Happy Camper my buyers and sellers..
ps; also got my sellers a seller credit of 3800 dollars...

 

 

Comment by Michael Schneider on January 11, 2011 at 12:45pm

Well, my best experiences are with distressed asset investors who are trying to get return from the deeply discounted asset they purchased.  I actually has one say to me:  "You know, Michael, if you need a couple thousand dollars to get the deal done, we can do that".

Of the four major Servicers (BofA, Morgan-Chase, Wells and Citi), if I were required to choose one, I would choose BofA.

Regarding the "across the board" GMAC experiences, it's going to be highly Investor/Insurer specific, I think.

Comment by Chris Gurnee on January 11, 2011 at 12:34pm

Whats the best company to work with to get short sales?

Comment by Karen Hulbert, Woodland CA on December 22, 2010 at 3:26pm

Does anyone have supervisor contact - second position, verbally agreed to the amount 3 weeks ago. The negotiator went on vacation - he's back but still has not sent the approval over. Buyer trying to close this year.

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